"Bitcoin is a good example. Really almost no one uses bitcoin for payments — they use it as an alternative to gold," Mr Powell told congress.Chair of the Federal Reserve Jerome Powell testifies before the U.S. House Committee on Financial Services at the United States Capitol in Washington D.C., U.S. on Tuesday, February 11, 2020.Bitcoin is a form of online crypto-currency that allows money to be transferred electronically.
You cannot mine Bitcoin on your home computer, it requires specialised programs and hardware that have increased the difficulty of mining a Bitcoin. Bitcoin's reputation took a hit after it was revealed the online currency became the preferred way of paying ransoms for kidnappers and purchasing illegal drugs online.
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